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At 72 months, the new car loan interest rate was at 8.67% in Q4 2023, the Fed reports. (These numbers are simple unweighted averages of each banks’ most common rate.)
The 22-year-old said he does plan to refinance his auto loans to get a lower interest rate. But that’s only possible if he can keep up with his minimum monthly payments and avoid defaulting on ...
Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car. ... you could stretch out the loan to a 72-month ...
For example, if your original $36,000 auto loan came with a 7 percent interest rate, even at just one point lower, you could save $1,012 over 60 months. Your Credit Score Has Improved
If you have 36 months left on your loan, refinance with a 36-month loan. ... a loan with a lower interest rate. How to Refinance Your Auto Loan ... amount and want the car to be less than 10 years ...
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